"The warnings by RBS today expose how complacent George Osborne is being with our economy. Just as experts are telling investors to brace for a return to 2008, the Chancellor is declaring economic turmoil a thing of the past and relaxing rules on the banks.

"The Government needs to take real action to tackle the growing personal debt crisis and support businesses. We should be planning and investing in the future instead of relying on the short term economic plan of an arbitrary surplus, increased personal debt and hollowed out public service that the Chancellor is creating.

"Worst of all, the black news for the economy predicted by the banks will pale into insignificance if we leave the EU. The UK cannot withstand a weakened world economy and international political turmoil while at the same time cutting ourselves adrift from the world's biggest trading block."

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